Canada’s raw materials prices rose 0.7% month-over-month in May 2026, following a 2.6% increase in the previous month and below forecasts of a 1.1% rise. Crop product prices increased 2.2%, marking a fifth consecutive monthly gain, led by canola (3.5%), grains (3.2%), and wheat (4.6%). Prices for metal ores, concentrates, and scrap rose 0.5%, supported by higher prices for nickel ores and concentrates (4.6%) and copper ores and concentrates (4.6%). Lower prices for gold, silver, and platinum group metal ores and concentrates (-0.6%) partially offset the increase. Meanwhile, crude energy products fell 0.5% after sharp gains in March and April, mainly due to a 4.3% drop in synthetic crude oil. Despite the monthly decline, crude energy prices remained elevated in May amid conflict in the Middle East. The RMPI rose 33.4% year-on-year.